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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Afc Energy Plc | LSE:AFC | London | Ordinary Share | GB00B18S7B29 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.03 | 0.37% | 8.19 | 8.10 | 8.19 | 8.23 | 8.00 | 8.16 | 230,376 | 08:07:39 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Elec Indl Apparatus, Nec | 227k | -17.48M | -0.0205 | -3.98 | 69.72M |
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RNS Number:4241J
Aberdeen Football Club PLC
31 March 2003
ABERDEEN FOOTBALL CLUB PLC
CHAIRMAN'S STATEMENT
The Board of Aberdeen Football Club plc presents the Group's unaudited results
for the six months ended 31 December 2002.
results to 31 december 2002
In the current period, the Club's ticketing and broadcasting income showed an
increase from the previous period primarily due to qualification for the UEFA
Cup, with the games against Nistru Otaci and Hertha Berlin generating
significant revenues. Additionally, the investment made in the Pittodrie Club
Shop in 2001 has resulted in merchandising income more than doubling compared to
the same period last year. A more detailed analysis of turnover is shown in note
2.
When Ebbe Skovdahl gave notice of his intention to resign as football
manager of the Club in November 2002, the Board concluded that it would
be to the Club's benefit to seek an immediate replacement rather than
wait until the end of the current season. Consequently, the appointment
of the new management team in December 2002 resulted in termination
payments being made to the football manager and three other members of
the Club's coaching staff. The total of these payments amounted to
#192,000 and is included as an exceptional item in the profit and loss
account.
Elsewhere, the Club's prudent approach towards new player signings has resulted
in a significant reduction in the amortisation charge for players' registrations
from #384,000 to #91,000 and this is shown in note 3.
As a consequence of the above, the operating loss for the 6 month period has
decreased from #1.198 million to #591,000 and the loss after interest and
taxation was reduced from #1.231 million to #723,000.
The above results were achieved after playing 11 home games in the Bank of
Scotland Premierleague (SPL); two home games in the CIS Insurance League Cup and
two home games in the UEFA Cup. This compares with 10 in the SPL; 1 in the CIS
Insurance League Cup and none in the UEFA Cup in the previous period.
football
As intimated above, Ebbe Skovdahl tendered notice of his intention to resign as
manager of the Club in November 2002, at which time the Board of Directors
concluded that the time was right for an immediate change, rather than waiting
until the end of the season. The rationale behind the move was to allow Ebbe's
successor time to implement any changes he wished to be made in order that the
Club be best positioned for the start of season 2003/4.
There is little doubt that on-field performances for the current season have
been, in the main, extremely disappointing with Cup exits at the hands of Hearts
and Dundee particularly hard to take. League form, especially at home has,
frankly, been unacceptable with the high number of defeats resulting in the Club
finding itself competing in the bottom half of the table for the vast majority
of the campaign. On a brighter note, there have been highlights such as the UEFA
Cup ties against Hertha Berlin.
Although the transfer window occurred after the period covered in this interim
report, some of the changes referred to above have already taken place with
Steve Tosh, Paul Sheerin, Michael Hart and Leigh Hinds all arriving and Roberto
Bisconti, Ben Thornley and Patrizio Billio moving on. Steve Paterson and his
team will use the remainder of the current season to assess the rest of the
playing squad with Russell Anderson already having committed his future to the
Club.
future outlook
The Board of Directors is convinced that Steve Paterson, Duncan Shearer, Oshor
Williams and Neil Cooper have the expertise and experience required to take the
Club back where it belongs at the forefront of Scottish football and competing
regularly in Europe.
However, as is always the case when a new manager comes on board, it will take
time for Steve and his team to mould the playing staff into a squad that he is
entirely happy with. Quite rightly, he has gone on record as saying that the
time to judge him will be next season, by which time players he does not see as
part of his plans will have been moved on with others on board to take their
place.
The Club is committed to continuing to reduce the percentage of wages in
relation to turnover and as such we will be looking to bring more players
through the elite youth development programme. Ross O'Donoghue, Stephen Payne
and Scott Muirhead have all made the breakthrough during the current season and
there are others knocking on the door ready to take the step up over the coming
months.
To complement this approach, the manager will continue to look for experienced
professionals who it is believed will add to the overall quality of the squad
without compromising the budget parameters set by the Club in order to achieve
the commitment stated above.
With this being the Club's centenary year, it is only right that we look ahead
to the beginning of our second century in business with optimism. And with one
of the brightest and talented young management teams in the country now in
place, I believe that optimism is justified.
The decision by UEFA not to award the hosting of the European Championship
finals in 2008 to Scotland and Ireland has enabled the Club to take a step back
in terms of arriving at any final conclusions with regards to future stadium
redevelopment or relocation. This will allow the Club to consult fully with all
of its stakeholders and consider all of the various viewpoints prior to
determining the next move. At the time of writing, the future of the SPL looks
more encouraging than it did a couple of months ago. Having reached agreement in
principle with the "Old Firm", the other ten SPL clubs, including Aberdeen, will
withdraw their resignations providing we are able to work through the detail and
reach a fair and equitable final solution. With broadcasting income less than
originally hoped for, the onus is now on all of the clubs to work more closely
together to ensure the financial security of the league through the maximising
of commercial opportunities including the broadcasting agreement that will take
effect in season 2004/5.
As stated above, the on-field performances for the current season have been very
disappointing. This, combined with the poor scheduling of SPL fixtures and the
fall in broadcasting income, will result in a deteriorating financial
performance in the second half of the year and further trading losses are
expected for the remainder of the financial year ended 30 June 2003.
The Club has undertaken a fundamental review of all aspects of the business and
is determined to ensure that costs are driven down and that wages are clearly
linked to a successful team on the park. The Club is far from alone in facing
these challenges and we believe that the whole survival of the professional game
in Scotland is at risk unless there are radical changes in the way we conduct
our business.
The Board of Directors is committed to facing these challenges head on in order
to ensure the Club prospers in the years ahead.
Stewart Milne
Chairman
31 March 2003
GROUP PROFIT AND LOSS ACCOUNT
Six months ended 31 December 2002
Unaudited 6 Unaudited Audited
months ended 6 months year
31 Dec ended ended
2002 31 Dec 2001 30 June 2002
#'000 #'000 #'000
Note
Turnover 2 4507 3492 7555
Operating charges
Recurring 3 (4906) (4690) (9389)
Exceptional 3 (192) - (300)
Total Operating Charges (5098) (4690) (9689)
Operating Loss (591) (1198) (2134)
Profit/(loss) on disposal of players' registrations - 84 (9)
Loss Before Interest and Taxation (591) (1114) (2143)
Interest payable and similar charges (132) (117) (257)
Loss on Ordinary Activities Before Taxation (723) (1231) (2400)
Tax on loss on ordinary activities 4 - - -
Retained Loss for the Period (723) (1231) (2400)
Loss per share - basic and diluted 5 (12.4)p (21.1)p (41.1)p
All amounts relate to continuing activities
There were no recognised gains or losses in the current or prior period other
than those included in the Profit and Loss Account.
GROUP BALANCE SHEET
As at 31 December 2002
Unaudited Unaudited Audited
as at as at as at
31 Dec 31 Dec 30 June
2002 2001 2002
Note #'000 #'000 #'000
Fixed Assets
Intangible assets 6 263 611 209
Tangible assets 7 10015 10268 10156
10278 10879 10365
Current Assets
Stock 112 75 77
Debtors 708 1302 950
Cash at bank and in hand 316 225 96
1136 1602 1123
Creditors: amounts falling due within one year 5529 4552 4201
Net Current Liabilities (4393) (2950) (3078)
Total Assets Less Current Liabilities 5885 7929 7287
Creditors: amounts falling due after more than one year 2009 2018 1974
Deferred Income
Deferred grant income 1478 1532 1508
Other deferred income 1198 1287 1882
2676 2819 3390
1200 3092 1923
Capital and Reserves
Called up share capital 584 5843 584
Share premium account - 3254 -
Revaluation reserve 4902 4902 4902
Profit and loss account (4286) (10907) (3563)
Equity Shareholders' Funds 1200 3092 1923
GROUP CASH FLOW STATEMENT
Six months ended 31 December 2002
Unaudited Unaudited Audited
6 months 6 months Year
ended ended Ended
31 Dec 31 Dec 30 June
2002 2001 2002
Note #'000 #'000 #'000
Net cash outflow from operating activities 8 (670) (471) (210)
Returns on investments and servicing of finance (124) (117) (256)
Taxation - - -
Capital expenditure 9 (167) (76) (218)
Net cash outflow before financing (961) (664) (684)
Financing (15) 490 445
Decrease in cash in the period (976) (174) (239)
Reconciliation of Net Cash Flow to Movement in Net Debt
Decrease in cash in the period (976) (174) (239)
Cash outflow/(inflow) from decrease/(increase) in debt and 15 (490) (445)
lease financing
Changes in net debt resulting from cash flows (961) (664) (684)
New finance leases (44) - -
Non cash movement - amortisation of issue costs (8) - (1)
Opening net debt (4496) (3811) (3811)
Closing net debt (5509) (4475) (4496)
NOTES TO INTERIM REPORT
Six months ended 31 December 2002
Basis of Preparation
The Interim Report has been prepared on the basis of the accounting policies set
out in the Company's statutory accounts for the year ended 30 June 2002.
The financial information presented is unaudited and does not amount to full
statutory accounts within the meaning of the Companies Act 1985. Full accounts
for the year ended 30 June 2002, upon which Deloitte & Touche gave an
unqualified audit report, have been delivered to the Registrar of Companies.
Turnover
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
31 Dec 31 Dec 30 June
2002 2001 2002
#'000 #'000 #'000
Customer & Ticketing Services 1685 1252 2698
Broadcasting Income and League & Cup Bonuses 722 583 1531
Corporate Hospitality & Catering 713 750 1550
Club Sponsorships & Corporate Advertising 274 279 575
Merchandising 762 343 567
Lotteries & Others 351 285 634
4507 3492 7555
Operating Charges - Recurring
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
31 Dec 31 Dec 30 June
2002 2001 2002
#'000 #'000 #'000
Amortisation of players' registrations 91 384 744
Other operating charges 4815 4306 8645
4906 4690 9389
The exceptional costs relate to the termination of contracts with football management.
Taxation
Due to the availability of unutilised tax losses, no provision for taxation is
required.
Loss Per Share
Loss per share has been calculated by dividing the loss after taxation for each
period by the weighted average number of Ordinary Shares in issue during the
period.
Intangible Assets
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
31 Dec 31 Dec 30 June
2002 2001 2002
Players' registrations #'000 #'000 #'000
Cost
At 1 July 501 2554 2554
Additions 147 60 113
Disposals - (43) (2166)
At period end 648 2571 501
Amortisation
At 1 July 327 1640 1640
Charge for the period 91 384 744
Disposals - (26) (2057)
At period end 418 1998 327
Net book value at period end 230 573 174
6. Intangible Assets (continued)
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
31 Dec 31 Dec 30 June
2002 2001 2002
Goodwill #'000 #'000 #'000
Cost
At 1 July 38 - -
On consolidation of subsidiary - 39 38
At period end 38 39 38
Amortisation
At 1 July 3 - -
Charge for the period 2 1 3
At period end 5 1 3
Net book value at period end 33 38 35
Total net book value of intangible assets at period end 263 611 209
tangible assets
In accordance with Financial Reporting Standard 15, fixed assets are stated at
cost or valuation and depreciated over their estimated useful lives. Freehold
land and stands, executive boxes and permanent fixtures are now held at
valuation. All such assets were revalued by the directors on 30 June 2001 with
reference to a depreciated replacement cost valuation performed by Messrs F. G.
Burnett on 9 March 2001 restricted to an existing use, discounted cash flow
valuation.
RECONCILIATION of operating LOSS to net cash OUTFLOW from OPERATING
ACTIVITIES
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
31 Dec 31 Dec 30 June
2002 2001 2002
#'000 #'000 #'000
Operating loss (591) (1198) (2134)
Amortisation of players' registrations 93 384 747
Depreciation 205 192 392
Amortisation of grants (30) (34) (58)
Increase in stock (35) (75) (38)
Decrease/(increase) in debtors 242 (439) (80)
(Decrease)/increase in creditors (554) 699 961
Net cash outflow from operating activities (670) (471) (210)
GROSS CASH FLOW ON CAPITAL EXPENDITURE
Payments to acquire players' registrations (147) (60) (113)
Payments to acquire tangible fixed assets (20) (117) (205)
Receipts from sale of players' registrations - 101 100
(167) (76) (218)
CONTINGENT LIABILITIES
At 31 December 2002 additional transfer fees to a maximum amount of #60,000 (31
December 2001, #172,000; 30 June 2002, #50,000) could become payable under
transfer contracts if certain contractual conditions are met.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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